Variable | Description |
Dependent variables | |
New patent applications after round | Number of additional U.S. patent applications after funding round (patent applications between 12* (24**) months before and 12 (24) months after funding round are counted); *M1, **M3 |
New citation-weighted patents after round | Number of (three years forward) citations of new U.S. patent applications after funding round. |
New trademark applications after round | Number of additional U.S. trademark applications after funding round (trademark applications between 12* (24**) months before and 12 (24) months after funding round are counted); *M 2, **M4 |
Independent variables | |
Intellectual property characteristics | |
Patent applications before round | U.S. patent applications that a start-up filed before a round |
Patent dummy | Allows distinguishing between start-ups that have not applied for any U.S. patents prior to first funding (=0) from those that have |
Citation-weighted patents before round | Number of (three years forward) citations of U.S. patent applications filed before funding round |
Citations dummy | Allows distinguishing between start-ups who have no patents cited prior to first funding round (=0) from those that have |
Patent literature bwd. references | Number of backward references in patent literature of U.S. patent applications filed before funding round |
Non-patent literature bwd. references | Number of backward references in non-patent literature of U.S. patent applications filed before funding round |
Trademark applications before round | U.S. trademark applications that a start-up filed before a round |
Trademark dummy | Allows distinguishing between start-ups that have not applied for any U.S. trademarks prior to first funding (=0) from those that have |
Investment characteristics | |
Round 1 dummy | Refers to the number of funding rounds, Equals 1 for first funding rounds, 0 otherwise |
Round 2 dummy | Refers to the number of funding rounds, Equals 1 for second funding rounds, 0 otherwise |
Round 3 dummy | Refers to the number of funding rounds, Equals 1 for third funding rounds, 0 otherwise |
Number of VCs investing in round | Number of VCs investing in a funding round |
Total amount invested in start-up by VC | Total amount of funding in USD provided by a VC throughout all rounds. In case of multiple VCs in one round the average is used |
Investor Characteristics | |
VC age | Time in years between a VC’s first investment in its company history and focal funding round date. In case of multiple VCs in one round the average is used |
VC experience | Counts number of investments a VC already has undertaken prior to funding round date. In case of multiple VCs in one round the average is used |
Start-up Characteristics | |
Start-up age | Age of start-up at funding round date (in years) |
Start-up industry dummies | Six variables to distinguish between start-ups’ industries: “Biotechnology”, “Computer Software and Services”, “Communications and Media”, “Medical/Health”, “Semiconductors/Other Elect” and “Other” |
Start-up region dummies | Six variables to distinguish between start-ups’ regions: “N. California”, “New England”, “New York Tri-State”, “S. California”, “Southwest” and “Other” |